Average diesel prices have hit a record high in the United States, amid the US acts of aggression against Iran and the closure of the Strait of Hormuz, through which around a fifth of the world's traded oil flows.
On Friday, average diesel prices soared to $5.85 a gallon for the first time since the start of the US-Israeli aggression against Iran on February 28.
Higher diesel prices, which are widely used in trucking, agriculture and industrial activity, mean higher transportation and production costs that subsequently raise food prices, bringing ripple effects for the economy and wider costs of living.
Some businesses have already passed on costs to consumers through added fees on online orders and mailed packages.
Prices of other products such as clothing, cosmetics and furniture, which are also transported by diesel trucks, trains and boats, are also expected to increase.
Experts warn that price hikes could mount the longer diesel remains expensive.
This constitutes another challenge for Republicans ahead of November’s midterm elections, with President Donald Trump’s approval rating slumping over his management of the economy and the fallout of the war he launched against Iran.
According to a recent AP-NORC poll, 2 out of 3 US adults disapproved of how Trump is handling the economy.
The price for regular gasoline has also been jumping, although not as fast as the price of diesel. The average price stands at $4.15 a gallon, compared with $3.20 at this time last year, according to motor club AAA, which says gas has never been above $4 a gallon on Labor Day.
MNA